Analyst Michaël van de Poppe addressed the pullback in Bitcoin in a new analysis published this evening. Poppe stated that he plans to buy at $75,000 if the bullish scenario breaks down.
The analyst cited fear ahead of tomorrow’s US midterm elections as one of the main reasons for the sell-off at the beginning of the week, noting that the cryptocurrency market can react strongly to political expectations.
On the technical side, he said that a correction occurred after the last peak was tested. According to Poppe, the decisive point will be whether the support zone he marked on his chart can be maintained.
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He stated that the outlook could strengthen if a higher low forms in this region and the price starts to move upwards again. However, he indicated he was ready to buy at a lower price, pointing to $75,000, should support be lost.
Poppe’s assessment built upon his earlier analysis from the day. In his previous post, he had stated that he was watching to see if the market could form a higher low after testing the previous peak.
*This is not investment advice.